• Sat. Apr 13th, 2024

A Big News Breaks Out As Coinbase Disables NFT Buying And Selling On Its Wallet

Summer White

BySummer White

Dec 24, 2022

The significant news came out as Coinbase disabled the trade of NFT on its platform with immediate effect.

The officials of one of the biggest centralized cryptocurrency exchanges Coinbase said that users will no longer be able to trade the NFTs using the Coinbase wallet on their apple devices.

This announcement came as a response to the latest changes the company has made regarding its Apple App store policy.

This new App store policy introduced by the developers of Apple has forced Coinbase to remove the NFT trading option for the IOS.

It seems that Apple has taken this initiative to maintain the utmost transparency and does not want to deal with any troubles.

The officials of Coinbase released a statement:

“Apple has recently blocked our latest app release until the NFT trade option is suspended.”

Moreover, the officials of Coinbase also said that the ultimate issue is money. Apple is looking for its cuts.

It is the most common phenomenon of the crypto marketplace that the trade of NFTs always has some sort of gas fee.

Apple Wants 30% Gas Fee as Return for Letting Coinbase Use App Store for NFT Trade

The only way that Apple will enable Coinbase to carry out the NFT trading on Apple devices is if the crypto exchange pays 30% to Apple.

Apple Inc. has introduced new policies to further diversify its profits. The platform will charge fees for all crypto-related activities that involve either an Apple device or its platform.

So currently it is impossible for iPhone users to carry out crypto trading especially NFTs buying and selling using apple devices.

It seems that Apple as the company is not aware if the fact that how the crypto and blockchain industry works.

Coinbase officials also added that the recent policy change poses a greater threat to iPhone users.

Those users who are NFT holders now will not be able to access the Coinbase wallet for NFTs trade.

What Does This Recent Policy Change Mean for Apple Users?

Those iPhone users who own NFT will not be able to use their token as long as they are using an Apple device.

Means with an Apple devices the NFT is stuck and freezes, you can’t transfer it to another wallet regardless of the fact that you own that NFT.

It seems that this change is less harmful to Coinbase and more harmful to Apple users.

However, it is uncertain how and why the Apple staff decided whether their in-app purchasing system can handle taking a percentage from such types of fees.

Because the gas fee is never constant and it changes rapidly based on multiple factors, then how apple can decide their percentage of cut.

Coinbase CEO Brian Armstrong in his tweet lambasted Apple Inc. by labeling them as a monopoly.

He also said the communications with Apple officials are absurd and they don’t know the basics of how cryptocurrency works.

However, Brain Armstrong remained optimistic about another round of negotiations between Coinbase and Apple Inc.

But where things stand as of now, it is highly unlikely that both of these organizations can achieve any breakthrough. The situation seems to be becoming only more complex for iPhone users.

As long as the issues will remain unresolved Coinbase will keep the NFT trading disabled on all IOS devices and platforms.

Moreover, no date has yet been announced by either of the sides that when the new negotiations regarding the issues are going to take place.

Moreover, Apple has recently also announced the new app store rules for cryptocurrency trading as well.

But as the things stand now, users can’t send NFTs on Coinbase Wallet iOS anymore. On the other hand

Apple is trying to further enhance its profit to achieve financial stability in order to stay competitive.

Summer White

Summer White

Summer White, an esteemed writer for Big Trends Signals, combines her online trading expertise and articulate writing to deliver exhaustive guides and fair reviews, assisting traders in digital markets.

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